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Etihad Airways, Henan Province Airport Group Sign Deal to Boost Sino-Arab Cargo Ties

Etihad Airways, Henan Province Airport Group Sign Deal to Boost Sino-Arab Cargo Ties
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Etihad Airways, Henan Province Airport Group Sign Deal to Boost Sino-Arab Cargo Ties

Etihad Airways, Henan Province Airport Group Sign Deal to Boost Sino-Arab Cargo Ties

UAE's Etihad Airways and and Henan Province Airport Group agreed to establish a strategic partnership to strengthen aviation ties between the UAE and China.

This follows the signing of a virtual Memorandum of Understanding (MOU) during the virtual "Zhengzhou Week" event hosted by Expo 2020 Dubai China Pavilion starting from 27 December 2021, state news agency WAM reported.

The MOU highlights Etihad’s plans for potential operation of regular cargo services between Abu Dhabi International Airport (AUH) and Zhengzhou Xinzheng International Airport (CGO) to create the "Air Silk Road" between Henan Province and the emirate of Abu Dhabi.

The MOU also outlines cooperation between the two parties to build the CGO airport into an air freight hub in the region, and to diversify product sales and cargo distribution channels at Zhengzhou Xinzheng International Airport.

Martin Drew, Senior Vice President Sales and Cargo, Etihad Airways said: "Etihad is very excited to see the potential to further expand its cargo footprint in China, and to create the ‘Air Silk Road’ between the emirate and Central China together with Henan Province Airport Group."

"This will greatly improve the diversification of product sales and cargo distribution channels in this region and strengthen economic and trade links between the UAE and China, and beyond"

For his part, Kang Xingzhen, Chairman of Henan Airport Group Co. Ltd. complimented the cooperation: "Today, we are very pleased to sign the MoU with Etihad Airways, a key airline player in the Middle East region with extensive network to Asia, the Middle East, Europe and Africa, to explore various opportunities under the ‘Air Silk Road’ aviation initiative inspired by the China-proposed ‘Belt and Road Initiative’.

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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo

US job growth accelerated in September and the unemployment slipped to 4.1%, further reducing the need for the Federal Reserve to maintain large interest rate cuts at its remaining two meetings this year.
Nonfarm payrolls increased by 254,000 jobs last month after rising by an upwardly revised 159,000 in August, the Labor Department's Bureau of Labor Statistics said in its closely watched employment report on Friday.
Economists polled by Reuters had forecast payrolls rising by 140,000 positions after advancing by a previously reported 142,000 in August.
The initial payrolls count for August has typically been revised higher over the past decade. Estimates for September's job gains ranged from 70,000 to 220,000.
The US labor market slowdown is being driven by tepid hiring against the backdrop of increased labor supply stemming mostly from a rise in immigration. Layoffs have remained low, which is underpinning the economy through solid consumer spending.
Average hourly earnings rose 0.4% after gaining 0.5% in August. Wages increased 4% year-on-year after climbing 3.9% in August.
The US unemployment rate dropped from 4.2% in August. It has jumped from 3.4% in April 2023, in part boosted by the 16-24 age cohort and rise in temporary layoffs during the annual automobile plant shutdowns in July.
The US Federal Reserve's policy setting committee kicked off its policy easing cycle with an unusually large half-percentage-point rate cut last month and Fed Chair Jerome Powell emphasized growing concerns over the health of the labor market.
While the labor market has taken a step back, annual benchmark revisions to national accounts data last week showed the economy in a much better shape than previously estimated, with upgrades to growth, income, savings and corporate profits.
This improved economic backdrop was acknowledged by Powell this week when he pushed back against investors' expectations for another half-percentage-point rate cut in November, saying “this is not a committee that feels like it is in a hurry to cut rates quickly.”
The Fed hiked rates by 525 basis points in 2022 and 2023, and delivered its first rate cut since 2020 last month. Its policy rate is currently set in the 4.75%-5.00% band.
Early on Friday, financial markets saw a roughly 71.5% chance of a quarter-point rate reduction in November, CME's FedWatch tool showed. The odds of a 50 basis points cut were around 28.5%.